Paul Krugman: 'Recent immigrants are overwhelmingly working-age adults; according to census data, 79% of foreign-born residents who arrived after 2010 are between the ages of 18 and 64, compared with only 61% for the population at large.'
Farmworkers plant cantaloupe seedlings at Joe Del Bosque's fields near Oro Loma, Calif., April 17, 2020. "You may not have heard about one ingredient in the economy's special sauce: a sudden, salutary rebound in net immigration, which soared in 2022 to more than a million people, its highest level since 2017," writes New York Times columnist Paul Krugman.Although many politicians will never admit it, the U.S.
In today’s topsy-turvy policy environment, good news is often considered bad news. The Fed is trying to slow the economy, maybe even generate a recession, to slow inflation. So strong employment numbers arguably should be worrisome, a harbinger of worse inflation to come. Now, many of those pandemic disruptions have been resolved; the kinks in the supply chain have mostly been straightened out. And the big aid packages are receding in the rearview mirror. But until very recently many people were arguing that the pandemic had done long-term damage to the U.S. economy’s productive capacity, largely by reducing potential labor supply.
And as I said, immigration has really rebounded. Recent immigrants are overwhelmingly working-age adults; according to census data, 79% of foreign-born residents who arrived after 2010 are between the ages of 18 and 64, compared with only 61% for the population at large. So the immigration surge has probably been a significant contributor to the economy’s ability to continue rapid job growth without runaway inflation.
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